Korean Won

Rising volatility in Korean markets captures a late-cycle surge in which euphoria and drawdown risk are rising together. While KOSPI momentum remains intact, the bigger opportunity may be emerging in the increasingly mispriced KRW, which could rally meaningfully as portfolio flow headwinds fade.

Un breve repunte del dólar después del recorte de tasas de la Fed ofrecerá una última oportunidad para reajustar las posiciones cortas en dólares. Vea por qué las divisas asiáticas infravaloradas están preparadas para liderar la próxima caída del USD y cómo posicionarse ahora.

En este libro de gráficos, analizamos la balanza de pagos en países desarrollados (DM) y mercados emergentes (EM). A Estados Unidos no le va bien, pero a algunos otros países tampoco.

Global currency markets have entered a new era. This implies that the framework for analyzing exchange rates must also change. We introduce a new framework for analyzing EM currencies and classify them into resilient and vulnerable categories. Finally, we are adding more EM domestic bonds to our portfolio and making many changes to our currency trades.

Taiwan, Singapore, and Korea's currencies might appreciate versus the USD, driven by capital repatriation from domestic private investors away from the US. This thesis is less pertinent to India, Indonesia, and the Philippines because they have large net foreign portfolio liabilities. Malaysia and Thailand fall in the middle, while China is an exception. Investors should play intensifying deflationary pressures in Asia by betting on lower interest rates in the region.